Equity Release

Read how more and more over 55s are benefiting from equity release

As plans have developed and more options have become available, the number of homeowners aged 55 and over choosing equity release has grown at a phenomenal rate, – by more than 86% between 2014 and 2019.

Not only does equity release enable homeowners aged 55 and over to release a percentage of tax-free cash from their home, the current low rates starting at 2.66% are fixed for the life of the loan, meaning that it could cost you to less to access your money than it would have done a few years ago.

Get expert whole-of-market advice

A whole-of-market expert, such as Age Partnership, will search plans from all lenders, such as Aviva, Legal & General, LV=, Canada Life and many more to find the best plan for your individual requirements. There is no cost for the initial advice that you receive and no obligation for you to go ahead with anything that is recommended for you.

New plan options

All equity release plans come with a no negative-equity guarantee, meaning that you won’t pass on debt, providing your home is sold for a reasonable amount. Plus, you have the option of protecting a percentage of your property value for your loved ones with inheritance protection. Lots of lifetime mortgage plans now offer the option of making repayments, this can mean that you don’t accrue as much interest on the money that you have released. The repayment options can be flexible, depending on your circumstances.

Find out all of your options

As part of the free equity release quotation, your adviser will provide you with a personalised illustration which outlines the features and risks involved. It’s the adviser’s job to ensure that you’re fully informed about all aspects of equity release including the effect it will have on the amount of inheritance you can leave and if your entitlement to means-tested benefits could be affected either now or in the future. Your advisor will also explain that the money you release, plus accrued interest, will be repaid upon death or moving into long-term care. Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. Through the Mail Finance Equity Release Service you will be provided with a quote free of charge and without any obligation to proceed. Only if you then choose to proceed and your case completes would a fee of 1.95% of the amount released be payable (minimum £1,495).